Masdar, Petronas to explore renewable energy opportunities in Asia

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Dubai

Abu Dhabi-based Masdar and Malaysia’s Petronas have signed a memorandum of understanding (MoU) to explore renewable energy opportunities across Asia, the UAE’s state news agency WAM has reported.

The MoU will see both companies jointly explore projects in utility-scale renewable energy, such as ground-mounted and floating solar projects, as well as offshore wind projects in Asia.

The companies could explore other potential regions under the agreement, but will focus on countries in Asia that have committed to the development of renewable energy, including Vietnam and Taiwan.

“This agreement marks an important step on Masdar’s journey to expand our presence in the Asian market, where we see tremendous potential given the region’s rapid economic growth and potential renewable energy resources,” said Masdar CEO Mohamed Jameel Al-Ramahi.—Arab News